Gulf Business IFFCO’s 100% plant-based meat Thryve set to debut in Saudi Arabia
The UAE’s leading FMCG brand, IFFCO Group announced that it will bring its first 100 per cent plant-based meat – Thryve, to the Saudi market in the summer of 2023.
The multi-national group set up the Middle East’s first 100 per cent plant-based meat factory in Dubai, earlier this year. It said the venture aims to provide nutritious, sustainable and healthy food products inspired by the flavours of Middle Eastern cuisine. The new factory looks to target up to 30 percent of the GCC population and stimulate the development of a market segment for local plant-based products.
Plant-based meat is being looked at as an alternative in order to reduce the carbon footprint of meat-producing and meat-consuming populations. According to the Food and Agriculture Organization of the United Nations, livestock globally accounts for almost 14.5 per cent of anthropogenic greenhouse gas emissions, and almost 41 per cent of that is from beef production. Producing one kilogram of beef emits an equivalent of 300 kilograms of carbon dioxide.
IFFCO hence says its endeavour of producing plant-based meat products is actively aligned with the United Nations’ Sustainable Development Goals and the kingdom’s Sustainability Vision 2030.
Rizwan Ahmed, executive director – IFFCO Group, said, “We actively support Saudi Arabia’s Vision 2030 by initiating this transformative product under the plant-based segment that would lead towards healthier and more sustainable eating habits in the Middle East. This will additionally spark the development of a local, regenerative, and eco-friendly food value operation. The newly established venture and its spread builds on our Group’s vision ‘Investing in the Future’ with an aim to continuously provide a resilient and sustainable food chain.”
Plant-based meat for food security
Additionally, IFFCO said that ‘Thryve” as a product showcases the group’s sustainable food security initiative while fostering innovation. The plant-based meat products will be available for Saudi consumers across the country’s stores and hypermarkets this summer.
The plant-based meat is derived from locally-consumed Fava Bean, which is a staple in the region’s diet. The group said it is actively developing and introducing solutions that have a tangible impact – on nutrition as well as consumption habits.
The global plant-based meat market was estimated to be worth $7.9bn in 2022, and is forecast to reach $15.7bn by 2027, according to a report from ResearchAndMarkets.com, cited by WAM.
IFFCO is a multinational group headquartered in the UAE with 20 FMCG brands under its umbrella.
In other news for the cultivated food industry, the US Food and Drug Administration has given its approval to lab-grown meat to be sold to consumers in the country. Upside Foods and Good Meat have been given permission by the US Department of Agriculture to produce and sell chicken that has been grown from sample animal cells.
